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VANCOUVER - GreenPower Motor Company Inc. (NASDAQ:GP) (TSXV:GPV), currently valued at $12.49 million in market capitalization, has been issued a cease trade order by the British Columbia Securities Commission on Thursday after missing the June 30 filing deadline for its annual financial statements. According to InvestingPro data, the company has been experiencing significant financial challenges, with revenue declining 58.26% over the last twelve months.
The electric vehicle manufacturer failed to submit its audited financial statements, management’s discussion and analysis, related certifications, and annual information form for the year ended March 31, 2025, according to a company press release. This development comes as InvestingPro analysis shows the company operating with a weak financial health score of 1.18 and struggling with significant debt obligations.
As a result of the cease trade order, trading of GreenPower’s common shares on the TSX Venture Exchange has been halted. However, the company’s shares will continue to trade on the Nasdaq stock exchange under the ticker GP, as this is not affected by the Canadian regulatory action.
GreenPower stated it is "diligently working with its auditors to complete the Annual Filings as quickly as possible." Once the required documents are filed, the company expects the cease trade order to be revoked, allowing it to coordinate with the TSX Venture Exchange to resume trading.
The Vancouver-based company designs and manufactures all-electric medium and heavy-duty vehicles, including transit buses, school buses, shuttles, and cargo vans. GreenPower has been listed on the Toronto exchange since November 2015 and completed its U.S. IPO and NASDAQ listing in August 2020. The company’s operations show thin gross profit margins of 8.32%, while its stock has declined over 64% in the past year. Discover more insights about GreenPower’s financial health and 15 additional key ProTips with an InvestingPro subscription.
The company cited "unforeseen delays" as the reason for missing the filing deadline but did not provide specific details about the nature of these delays in its statement.
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